Om Innovasjon Norge

TEA - Tech City Executive Accelerator

What value does TEA bring?

We are on a mission to connect Norwegian industries with the vibrant and fast-growing AI.IOT ecosystem in London/UK, both to explore future opportunities to collaborate and to exchange ideas. It is a superfast way to establish foothold in a thriving global tech and business hub, a great opportunity to showcase/benchmark emerging technologies and understand how AI can be applied at scale.

Why London?

The UK has an impressive track-record on AI, and to ensure that they stay at the forefront in the development and application of these powerful new technologies the UK government recently launched The AI Sector Deal worth almost £1 billion. The launch was held at Imperial College which has a history of excellence in AI going back over 30 years. Today they have over 600 people across the College responding to global challenges in AI research. Key ambitions are;

- The deal aims to help the UK seize the estimated £232 billion opportunity AI offers the UK economy by 2030 (10% of GDP).

- 1,000 new government funded AI PhDs will keep the UK at the forefront of innovation and build UK status as AI research hotspot.

- More than 50 leading technology companies and organisations have contributed to the development of the deal including almost £300 million of private sector investment. It includes new investments such as:

The Japanese venture capital firm Global Brain opening its first European HQ in the UK and investing £35 million in UK deep-tech start-ups

The University of Cambridge opening a new £10 million AI supercomputer and making its infrastructure available to businesses

The top-ranking Vancouver-based venture capital firm Chrysalix, is also going to establish a European HQ in the UK and use it to invest up to £110 million in AI and robotics

The Alan Turing Institute and Rolls-Royce will jointly-run research projects exploring: how data science can be applied at scale, the application of AI across supply chains, data-centric engineering and predictive maintenance, and the role of data analytics and AI in science.

The UK will establish a £9 million world-leading Centre for Data Ethics and Innovation.

London and UK are already home to some of the world`s biggest names in AI like Deepmind, Benevolent.ai, Darktrace, Swiftkey and Babylon.